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M&W-Trading

  • #261
  • Jan 30, 2012 2:31am Jan 30, 2012 2:31am
Looking at a possible big fat W setup on GBPJPY beginning Friday.

LAFF
  • #262
  • Jan 30, 2012 2:41am Jan 30, 2012 2:41am
Also waiting on GBPCHF to form 3rd leg of a fat W - has potential. Let's see.

LAFF
  • #263
  • Jan 30, 2012 3:56am Jan 30, 2012 3:56am
OK guys I am long the GBYJPY @120.09 S&R @ 119.95, [email protected]. If my S&R is triggered my target for that exit will be 119.58.

LAFF
  • #264
  • Jan 30, 2012 4:04am Jan 30, 2012 4:04am
I'm out on the AUDUSD @1.0536.

LAFF
  • #265
  • Jan 30, 2012 5:24am Jan 30, 2012 5:24am
  •  sam21
  • | Joined Aug 2010 | Status: Soon to be employed by the market | 125 Posts
GBP looks like setup long
  • #266
  • Jan 30, 2012 5:39am Jan 30, 2012 5:39am
  •  sam21
  • | Joined Aug 2010 | Status: Soon to be employed by the market | 125 Posts
Quoting sam21
GBP looks like setup long

update
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  • #267
  • Jan 30, 2012 5:46am Jan 30, 2012 5:46am
Looks more like inverted head & shoulders to me but that's still a valid setup.

LAFF
  • #268
  • Jan 30, 2012 6:01am Jan 30, 2012 6:01am
OK I have a candle close above 120.30 and an "oh shit" formation so I am going back to bed. See y'all later.
  • #269
  • Jan 30, 2012 6:13am Jan 30, 2012 6:13am
  •  sam21
  • | Joined Aug 2010 | Status: Soon to be employed by the market | 125 Posts
Quoting femi94ce
OK I have a candle close above 120.30 and an "oh shit" formation so I am going back to bed. See y'all later.

gbpchf setup
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  • #270
  • Jan 30, 2012 10:50am Jan 30, 2012 10:50am
hi

newbie here can i join the skyproom for this M&W trading
would love to be part of the group, hope you could add me
so i could also learn how to trade correctly. thank you so much
  • #271
  • Jan 30, 2012 12:44pm Jan 30, 2012 12:44pm
OK so my S&R was triggered at 119.95 for a loss of 13 pips. I just closed it manually @ 119.62 for a net gain of 17.

MEANWHILE - if I had kept my eye on the AUDUSD there was a CLASSIC W setup right after I exited earlier this AM. But I would have had to be awake for it - an I wasn't. You snooze, you lose. LOL.

LAFF
  • #272
  • Jan 31, 2012 12:46am Jan 31, 2012 12:46am
in hindsight, the first leg entry long on EUR/USD at 9:15amEST worked well going into Tuesday, as W-patterns formed on GBP/USD and AUD/USD at same time. Still my same question about when we can take first leg entries ...... if waiting for second leg, then this 9:15amEST entry is missed.
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  • #273
  • Jan 31, 2012 2:53am Jan 31, 2012 2:53am
This is the last day of the month y'all be careful out there on them charts, hear?

LAFF
  • #274
  • Edited 4:53am Jan 31, 2012 4:52am | Edited 4:53am
Quoting bstay2
in hindsight, the first leg entry long on EUR/USD at 9:15amEST worked well going into Tuesday, as W-patterns formed on GBP/USD and AUD/USD at same time. Still my same question about when we can take first leg entries ...... if waiting for second leg, then this 9:15amEST entry is missed.

Hi B, look at the Price Action for most 2nd leg entries - (I still am researching myself) but the action tends to not show 2nd candles that close below the prior low in the case of a short. Thus allowing for a retest of the high. Does it always work no, but is a good insight.

If we look at the Single leg spikes that are in confluence with other factors, they tend to have the candle close below the previous candles low in the case again of a Short.

So I would say look for a candle cloes of at least a few pips and a common turning point, TDI signal, Pivots, 25-50pips stop hunt, nearby MA etc.

When thinking long just reverse everything - candle close should be above the high of the prior candle.

When you look at the charts there are very few major candle closes above or below a previous candle at the right time of the day/session we want to profit in.


Thoughts?
  • #275
  • Jan 31, 2012 6:10am Jan 31, 2012 6:10am
Tanks FX-Trader -- Sounds like an additioanl excellent criteria for entries. I think I get the meaning, but could you post a few little chart snippets for illustration? Would make it clearer and easier to grasp.

Quoting FX-Trader
Hi B, look at the Price Action for most 2nd leg entries - (I still am researching myself) but the action tends to not show 2nd candles that close below the prior low in the case of a short. Thus allowing for a retest of the high. Does it always work no, but is a good insight.

If we look at the Single leg spikes that are in confluence with other factors, they tend to have the candle close below the previous candles low in the case again of a Short.

So I would say look for a candle cloes of at least a few pips and a common...
  • #276
  • Edited 10:19am Jan 31, 2012 7:21am | Edited 10:19am
Quoting FX-Trader
but the action tends to not (??) show 2nd candles that close below the prior low in the case of a short (??). Thus allowing for a retest of the high (??).

Thoughts?
You lost me there. Maybe next time we can show pictures.

(EUR/USD might be showing head-and-shoulders reversal on 4hrs)
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  • #277
  • Edited 9:29am Jan 31, 2012 9:14am | Edited 9:29am
Quoting bstay2
You lost me there. Maybe next time we can show pictures.
Sure - I was trying to decide a trade at that time AUD/USD or EUR/USD... took the AUD/USD scatched for 4 pips, this EUR/USD was the better but I did not take it.... it explains what I tried to articulate better. It's always easy to do this in hindsight.

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The retest in this case was a morning star and the next red candle closed below the low of that morning star. Lets say they decided to spike that candle high the next candle would have still been in a position to close lower then the low. One of the key factors that I keep seeing is the candle close is lower not a lower low. The close is the key confirmation here. You can see lower lows all over the places but rarely you see closes lower then the low. Again they should appear in the right context. Many times they appear among small candles in the Asian session, you could take these but your pips reward is nominal.

Make sense?

In this FREE Craig Harris video http://www.the-natural-flow.com/back...-Targets2.html Craig illustrates the entry of a Break below the "Reversal Candle" in our case here - the one that occurs at the right time. You can ignore the big number theory and just focus on how he is entering the market. I prefer not more than 1 to 2 candles off that retest.
  • #278
  • Jan 31, 2012 10:15am Jan 31, 2012 10:15am
Quoting FX-Trader
Make sense?
Mucho sense ... thank you FX-Trader.
  • #279
  • Jan 31, 2012 9:53pm Jan 31, 2012 9:53pm
hi,

can anyone help me on this trade, its my first demo trade using this method
but i dont know if i have done it correctly

can u list the indicators that i should be using, like the one i am seeing in some of the traders here

hope i can also learn this wonderful method,
thank you so much guys in advance
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  • #280
  • Edited 4:37am Feb 1, 2012 4:11am | Edited 4:37am
So I was thinking drop at London Open and PA rallied up 109 pips so in hindsight it would appear that the false move was actually the 2am (EST) move out of Asia/TokyoChannel etc.

Considering that and PA off that low, a close above the high on the Green reversal candle, that was definitly the trade in hindsight.

Another theory for bias could be to just focus on the Previous H/L of the day in relation to the MA's.

I was too focused today in one direction to see that Prev Low test as the trade.

Comments and suggestions welcome.... How would you or did you trade this pair today?

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